Fund Description: The iShares Silver Trust issues shares representing fractional undivided beneficial interests in its net assets. The assets of the trust consist primarily of silver held by the custodian on behalf of the trust. <p> INVESTMENT OBJECTIVE: The iShares Silver Trust seeks to reflect the price of silver owned by the trust less the trust’s expenses and liabilities. <p> BENCHMARK DESCRIPTION: The BenchMark, London Silver Price, is the U.S. Dollar price of silver bullion for delivery in London. It is designed to be a price for settling contracts between members of the London bullion market. The London Silver Price is set once a day, at 12:00 GMT. Daily price quotes can be viewed at the London Bullion Market Association. Silver is priced in U.S. dollars per troy ounce. The largest industrial users of silver are the photographic, jewelry, and electronic industries and developments in these industries among other factors may influence the price of silver. Like gold, the silver market is a global marketplace consisting of both OTC transactions and exchange-traded products. The OTC market generally consists of transactions in spot, forwards, options and other derivatives, while exchange-traded transactions consist of futures and options. <p> TRUST STRATEGY: The trust intends to issue iShares on a continuous basis. The trust issues and redeems iShares only in blocks of 50,000 or integral multiples thereof. A block of 50,000 iShares is called a Basket. These transactions take place in exchange for silver. Only registered broker-dealers that become authorized participants by entering into a contract with the sponsor and the trustee may purchase or redeem Baskets. <p> FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.